Meritage Portfolio Management Trims Position in Cummins Inc. (NYSE:CMI)

Meritage Portfolio Management trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,095 shares of the company’s stock after selling 300 shares during the period. Meritage Portfolio Management’s holdings in Cummins were worth $3,478,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CMI. FMR LLC lifted its position in Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after purchasing an additional 67,266 shares during the period. Fayez Sarofim & Co lifted its holdings in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after buying an additional 3,440 shares during the period. National Bank of Canada FI boosted its stake in shares of Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after buying an additional 3,298 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after buying an additional 1,114 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock worth $54,876,000 after acquiring an additional 6,107 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Down 0.5%

CMI stock opened at $331.83 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The firm has a 50-day simple moving average of $318.77 and a 200-day simple moving average of $331.87. The stock has a market capitalization of $45.71 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.01 and a beta of 1.03.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.08 EPS. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

Analysts Set New Price Targets

Several equities research analysts have commented on CMI shares. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Citigroup reiterated a “buy” rating and issued a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Finally, Morgan Stanley increased their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $358.08.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.